The planned departure from
Intel Corp.
CFO
George Davis
Thursday is the latest example of a CFO leaving after a company appoints a new CEO.
Mr. Davis, who was recruited from rival Qualcomm Inc. in 2019 after six years as chief financial officer, plans to move to May 2022 Retiring, Intel said in Santa Clara, California. Until then, he will remain in his current role while the semiconductor giant is looking for a successor.
The announcement of his departure comes around eight months after the tenure of Chief Executive Patrick Gelsinger, who left Intel in 2009 after 30 years for another job and most recently was CEO of a software company
VMware Inc.
Mr. Gelsinger returned to Intel to replace the then CEO
Bob Swan,
which was eliminated after the company lost ground to competitors. Mr. Swan was previously CFO of the chip maker.
Since taking over as CEO in February, Mr. Gelsinger has worked to regain Intel’s competitive advantage, including by pledging up to $ 95 billion in new chip manufacturing capabilities Europe and more than $ 20 billion to invest in US factories.
Other recent examples of CFOs leaving after the arrival of new CEOs at large US corporations are Boeing Co. CFO
Greg Smith
Exit in July – around 18 months later
Dave Calhoun
became CEO of the aircraft manufacturer – and that of
Tim Stein,
Ford Motor Co.
‘s CFO, whose departure was announced on the same day as the new CEO
Jim Farley
Acquired last October.
The Morning Ledger provides daily news and corporate finance insights from the CFO Journal team.
CFOs typically change within two years after new CEOs take on at least half the time, said Cathy Logue, director of the CFO and finance practice group at recruiting firm Stanton Chase. Top executives have their own vision for a company, which often leads them to hire a new CFO. « The CEO and CFO have to work hand in hand, » said Ms. Logue.
An Intel spokeswoman said Mr. Davis decided to retire after a long and prestigious career. « During his time as CFO, George was instrumental in our transformation and an important member of the Intel executive team, » said the spokeswoman.
Intel is moving its Investor Day, originally planned for November, to February so that a new CFO can attend. « I would of course like to give his successor the opportunity to participate in optimizing our long-term plan, » said Gelsinger on Thursday in a phone call with analysts.
An ideal CFO for Intel would already have experience at a semiconductor company with manufacturing companies that are at the heart of Mr. Gelsinger’s strategy, said Matthew Bryson, senior vice president of research at financial services company Wedbush Securities Inc.
Like many manufacturers, Intel is grappling with semiconductor bottlenecks and other supply chain challenges. However, sales rose 4.7% in the quarter ended September 25 to $ 19.19 billion over the same period last year, Intel announced on Thursday. Net income also rose 59.6% to $ 6.82 billion over the same period.
Price leaders at Deloitte Consulting LLP discuss how CMOs and CFOs can collaborate on pricing strategy – an area of significant importance since Companies are facing inflationary pressures and other challenges due to the pandemic.
Efforts to attract significantly more applicants to the trucking profession have not yet yielded positive results.
Networked, integrated reporting across the company can be a Enable a multitude of advantages. A well-planned business case for automation can support executives on such projects.
The pricing leaders at Deloitte Consulting LLP discuss how CMOs and CFOs can collaborate on pricing strategy – an area of significant concern as companies face inflationary pressures and other challenges due to the pandemic.
Efforts to attract significantly more applicants for the trucking profession have not yet yielded positive results.
Networked, integrated reporting across the company can provide a multitude of benefits. A well-planned business case for automation can support executives for such projects.
Keywords:
